News Details

Chicago approves record property tax hike

10/29/2015

On Oct. 28, the Chicago City
Council voted 36-14 to pass Mayor Rahm Emanuel’s 2016 city budget, which
includes a record $588 million property tax hike.

The property tax hike
represents the biggest such tax hike in Chicago history, adding a further
burden to residents already paying the second-highest property taxes of any
state in the country, according to the national Tax Foundation.

The budget contained a total
package of $755 million in higher taxes, including property tax hikes; a new
garbage collection fee; a new tax on online streaming services like Netflix;
and fee hikes on taxis and ride-sharing services.

Chicago has raised taxes 12
times over the past three years, according to the Illinois Policy Institute.